Central bank currency promises Americans economic and social benefits and helps the U.S. compete with China. : Sometimes it does make sense to reinvent the wheel — if the wheel can drive significantly improved speed, efficiency, and capabilities. Such is the case when it comes to central bank-backed fiat currency, which is currently available to the average citizen only in a physical cash or coin format. Physical cash issued by the central bank is the most riskless form of money an entity can hold, and, in the physical world, can be the most efficient form to transact.